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Strategic landscape

A global view of banking reveals a significant increase in the cost of compliance over the past ten years, balanced with much improved capital positions and higher levels of resilience. This is according to EY’s Global Banking Outlook 2018, which states that 85% of banks are prioritising the implementation of a digital transformation programme and investing in technology to drive efficiency, manage evolving risks and benefit from growth opportunities.

Banks continue to reshape their footprints and offerings as they face increased competition from a range of new market entrants, including digital banks, fintechs and institutions offering high-touch and high-tech branch services, e-commerce and telecommunications firms and, in some markets, platform banking providers.

Investment in cloud and mobile technology, data analytics and artificial intelligence dominates capital decisions. Many banks are building digital customer profiles and customer journeys to address more sophisticated personalisation strategies for front-end operations, where chatbots, voice assistants, robotics and automation capabilities are applied to enhance the customer experience.

The expectations of the digital consumer of financial services continue to evolve. Crypto- and digital currencies, biometric payment systems, video banking and an increased focus on branch “experiences” are some of the developments shaping these expectations.

The resulting customer retention risks have to be managed within the context of increasing regulation, non-optimal legacy systems, cyber risk and changing talent profile requirements.

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